This article is from the Australian Property Journal archive
360 Capital Group has launched a formal takeover bid of $207 million for Asia Pacific Data Centre Group (ASX: AJD).
The bid is a backup in the event that it is not successful in overthrowing the management of AJD.
Independent chairman David van Aanholt said the offer of $1.80 cash per stapled security represents a 12.5% premium to the pro-forma 30 June 2017 Net Tangible Assets of $1.601 per Stapled Security.
360 Capital is also hoping this bid will result in a friendlier transaction following the hostilities witnessed publicly in recent times.
“TGP hopes the proposal will be supported by the independent directors of AJD. This structure is consistent with our desire for a friendly transaction. TGP is willing to work with AJD and its advisers to assist in implementing the proposal,” he added.
360 Capital is requesting a three week due diligence period as a pre-condition to making the offer.
In response, the AJD board said will continue to assess the 360 Capital offer, and makes no comment as to the merits.
“The provision of due diligence should not be interpreted as a board endorsement or recommendation of the 360 Capital offer,” AJD said in a statement.
Australian Property Journal
